Syndicate Bank, one of India’s leading public sector banks, announced today that it has tied up with Tata AIG Life Insurance Company Limited to provide insurance solution to its customers covered under Financial Inclusion program across all its branches in the country.
Under the agreement, Syndicate Bank will offer its customers, Tata AIG Life’s group insurance product Tata AIG Life Group Term Life at a very attractive rate. The product caters to the needs of rural mass markets and economically weaker sections of the society. Under this policy, the customers of Syndicate Bank can avail a life insurance cover upto Rs. 25,000 at an affordable premium.
This very special initiative of the Bank was launched today at ‘Mayasandra’ Village, Anekal Taluk, Bangalore Urban. The function was inaugurated by Ravi Chatterjee, Executive Director, SyndicateBank.
Commenting of the occasion, Ravi Chatterjee, Executive Director of Syndicate Bank, said, “In the line with our Financial Inclusion initiatives we continue to develop products and services that meet the need of this segment. The partnership with Tata AIG Life will enable us to provide the much needed life insurance cover at an affordable cost to vast sections of disadvantaged and lower income groups.”
Under Financial Inclusion plan our Bank has been allotted 1493 villages with population of more than 2000 to be covered before 31.03.2012, of which 439 villages are in Karnataka State. In the first phase 750 villages will be covered before 31.03.2011. The Bank has so far opened 3,16,000 accounts under financial inclusion during the current fiscal.
M. Anand, Senior Vice President and Head - Alternate Channels, Tata AIG Life, said, "We are extremely happy to join hands with Syndicate Bank to play a role in the bank’s goal of Financial Inclusion and protection to the economically weaker sections of the society. Tata AIG Life has always been a socially committed life insurance organization.
We were one of the first life insurance companies in the country to launch dedicated Micro-Insurance products for lower income communities in rural India. Under this initiative, we expect to cover about 500,000 customers in the current financial year.”
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